On July 5th, Binance announced that users would be unable to deposit or withdraw digital assets deployed on Multichain across different networks.
- Polkastarter (POLS) on BNB Smartchain
- Alchemy Pay (ACH) on BNB Smartchain
- Beefy.Finance (BIFI) on Fantom Network
- Harvest Finance (FARM) on BNB Smartchain
- Alpaca Finance (ALPACA) on Fantom Network
- SuperVerse (SUPER) on BNB Smartchain
- Spell Token (SPELL) on Avalanche C-Chain
- Travala (AVA) on Ethereum Network
While deposits and withdrawals through Multichain are temporarily suspended, the affected tokens on other supported networks by the exchange can still continue to be deposited and withdrawn.
With this suspension announcement, Binance did not provide detailed reasons but emphasized that it is a reactive measure to the complex state of the Multichain protocol.
On May 25th, Binance also announced a halt in trading for 10 tokens related to the Multichain controversy. Following this announcement, the price of the MULTI token also plummeted by 50% within just one month. Additionally, the disruption in cross-chain services through the Multichain network significantly impacted the Fantom network.